Solana sees 40% decline in user activity as memecoin rug pulls erode trust \ stacker news ~bitcoin

The decline in investor activity has been linked to disappointment in recent Solana-based memecoin launches, particularly the Libra token, which was endorsed by Argentine President Javier Milei. The project’s insiders allegedly siphoned over $107 million worth of liquidity in a rug pull, triggering a 94% price collapse within hours and wiping out $4 billion in investor capital.

Solana capital, user exodus may be net positive for the network

As confidence in Solana weakens, millions of dollars worth of crypto is being transferred from Solana to other blockchains, signaling a potential capital exodus that may turn into a net positive for the blockchain’s long-term growth.

Over $7.7 million worth of funds were transferred from Solana to Arbitrum and over $6.9 million to Ethereum, Debridge data shows.

And the ishtcoiners still think of going to another ishtcoin! How good does it get? When will they decide to give up on the greed and stupidity and get back to the basics of BTC? Well, maybe someday, eh?

20 sats \ 1 reply \ @Cje95 17h

Lmao if one project is the reason a blockchain tanks then that is a damming indictment on the blockchain.

It won’t take long for that $6 million to disappear with ETH fees lol

0 sats \ 0 replies \ @Rothbardian_fanatic OP 16h

It isn’t just this one project, there have been quite a few rugpulls in the crypto sphere. Each rugpull takes away a lot of trust in the market. Many times the rugpullers escape Scot free, with no consequences, at all. This is a sure fire way to lose all trust in any kind of crypto, even BTC, IMHO.